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Non-Tech : Invest / LTD -- Ignore unavailable to you. Want to Upgrade?

To: Peter V who wrote (5751)	12/2/1998 10:41:00 PM
From: Thean	Respond to of 14427

I want everyone to look at the following DO chart: 207.95.154.130 Following the steep summer decline, DO went through a very nice looking double top. Right now it is going to test its support at 20 1/2. But also look at the long stochastics. When this sector was starting to catch fire two springs ago, the long stochastic went through orderly peak/trough formation. When it was in full mo-mo exuberance mode in the summer of 97, the %K and %D lines primarily criss-crossing themselves above 80% over the entire summer. The %K and %D were criss-crossing each other below 20% in the summer of 98. The short term technical says DO is to have a bounce, which they may. However, what I'm most interested in is the possibility of the next few months going forward. If the steep decline this summer could happen with oil above $12, I can see another steep decline with similar magnitude going forward with oil below $12. I don't know you guys down south but the weather up north is rediculously warm for this time of the year. My point is, there is a technical reason for DO to lose another 50% of its value from here. I can imagine a double Ayer Rocks in the middle of nowhere on the long stochastics chart using 180 day IQC - that would be a classic.